Major supermarket chain Seiyu Ltd. said Monday it will sell Tokyo City Finance Co. to the U.S. investment fund Lone Star Group on Friday.
Seiyu said the sale of its financing unit will help it reduce its interest-bearing debts of 609.3 billion yen by 150 billion yen.
Seiyu, an affiliate of Wal-Mart Stores Inc., envisions concentrating its financial and personnel resources on its mainline retail business and enhancing its ties with Wal-Mart by reducing its exposure to the financing business, according to Seiyu officials.